A Senate Democratic official confirmed Tuesday that Warren's appointment was likely, but cautioned nothing was final until the Democratic caucus approves the move. The official spoke on condition of anonymity because no announcement has been made.

A favorite of the party's liberal wing, Warren's likely committee assignment is already winning praise from progressive groups. The Senate Banking Committee oversees the implementation of the so-called Dodd-Frank financial system overhaul and other banking regulations.

Warren was an outspoken advocate for the Obama administration's newly created Consumer Financial Protection Bureau last year, but Republican opposition helped prevent her from becoming leader of bureau.